Some analysts believe a Russian invasion of Ukraine is imminent. Reuters
Some analysts believe a Russian invasion of Ukraine is imminent. Reuters
Some analysts believe a Russian invasion of Ukraine is imminent. Reuters
Some analysts believe a Russian invasion of Ukraine is imminent. Reuters


Does Turkey hold the key to easing Ukrainian fears about Russia?


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December 28, 2021

As 2021 comes to a close, Russia has grabbed the world’s attention by massing nearly 100,000 troops along the border with Ukraine.

Yet thus far it has failed to frighten many Ukrainians. As I write in my apartment in central Kiev, just up the street hundreds of holiday revellers are sipping mulled wine, browsing knickknack stands and posing for Instagram photos at the lavishly decorated Christmas market in front of the Unesco-listed St Sophia Cathedral.

Perhaps they know they’ve got committed allies in the region and beyond. As I detailed in these pages last month, Turkey has backed Kiev on Crimea, where it has historical links to the Tatar community. It has also sold Ukraine its advanced drones, which have already made an impact on the battlefield.

US-based analyst Dmitri Alperovich, a cybersecurity expert and head of the Silverado Policy Accelerator, a think tank, believes that one of the incentives for any Russian military escalation against Ukraine would be to limit Turkey’s ability to strengthen Ukrainian forces. Russia’s President Vladimir Putin, he writes, “observed the Karabakh War last year and has a good appreciation for what a military armed with modern Nato weapons, such as Turkish TB2 drones, can do to retake territory”.

  • A satellite image shows a Russian battle group deployment in the Kursk Training Area, Russia, on December 21, 2021. Reuters
    A satellite image shows a Russian battle group deployment in the Kursk Training Area, Russia, on December 21, 2021. Reuters
  • Russian forces in Soloti, Russia, on September 7, 2021. Reuters
    Russian forces in Soloti, Russia, on September 7, 2021. Reuters
  • A satellite image shows Russian forces in Soloti, Russia, on December 5, 2021. Reuters
    A satellite image shows Russian forces in Soloti, Russia, on December 5, 2021. Reuters
  • Russian forces in Soloti, Russia, on September 7, 2021. Reuters
    Russian forces in Soloti, Russia, on September 7, 2021. Reuters
  • A satellite image released by Maxar Technologies shows Russian armoured units training in the Pogonovo Training Area near Voronezh, Russia, on November 26, 2021. Reuters
    A satellite image released by Maxar Technologies shows Russian armoured units training in the Pogonovo Training Area near Voronezh, Russia, on November 26, 2021. Reuters
  • A satellite image released by Maxar Technologies reportedly shows Russian ground forces deployed at the Opuk Training Area on December 22, 2021. AFP
    A satellite image released by Maxar Technologies reportedly shows Russian ground forces deployed at the Opuk Training Area on December 22, 2021. AFP
  • Russian ground forces deployed at the Opuk Training Area on December 22, 2021. AFP
    Russian ground forces deployed at the Opuk Training Area on December 22, 2021. AFP
  • A satellite image of a Russian troop location in Soloti, Russia, provided by Maxar Technologies and taken on December 5, 2021. AP
    A satellite image of a Russian troop location in Soloti, Russia, provided by Maxar Technologies and taken on December 5, 2021. AP
  • A Russian troop location in Bakhchysarai, Russia. AP
    A Russian troop location in Bakhchysarai, Russia. AP

Leading American political scientist Francis Fukuyama concurs. “Ukraine’s use of Turkish drones could be a complete game-changer,” he recently said, “which is why Moscow seems so preoccupied with this issue.”

Another sign of Russia’s respect for Turkey’s military might is Moscow’s reported interest in buying Turkish drones, a move that Turkish officials have said they’d be willing to approve.

Moscow may also be applying subtle pressure on its sometime-ally Turkey. Two weeks ago, Russian authorities detained two Turkish journalists in Moscow and accused them of spying. Then, last week, Mr Putin made a pointed remark that seemed to be aimed at his Turkish counterpart Recep Tayyip Erdogan, who has been criticised for his refusal to raise interest rates amid a sharp decline in the lira. When asked about Russia’s Central Bank raising the country’s own interest rates, he said: “If you do not do this, [the outcome] will be like in Turkey.”

For now, Turkey is sticking to its guns on Ukraine. “We will not ignore our principles and close relations with Ukraine just because we have extensive relations with Russia,” Foreign Minister Mevlut Cavusoglu said last week.

Those extensive and complex relations include Turkey’s 2019 purchase of S-400 missile defences, which spurred US sanctions, energy and military balancing in the Black Sea, continuing negotiations on a tense situation in Syria’s Idlib province and significant economic co-operation highlighted by Russians’ predilection for holidays on Turkey’s Mediterranean coast.

How much might economically troubled Turkey be willing to risk in support of Ukraine? That remains to be seen, and already Ankara has offered to mediate talks between the two rivals, underscoring its interest in avoiding war. Should it arise, it’s possible that a full-fledged Russia-Ukraine conflict would become protracted, giving Ankara time to mull its options.

Russia has a fighting force of more than 3 million – larger than even the US military. And some observers believe the growing sense of nationalism in Russian society, buoyed by recent Russian military interventionism, may have seasoned the population for major conflict. “People are getting used to the thought of [war’s] permissibility,” Moscow-based newspaper editor Dmitry Muratov said in his Nobel Peace Prize acceptance speech this month.

The Ukrainian military, meanwhile, is much stronger than it was in 2014, when Russia annexed Crimea and backed separatist forces in eastern Ukraine’s Donbass region. Kiev has since increased its military spending from 1.6 per cent of GDP to 4 per cent, while the US has invested $2.5 billion in the Ukrainian military.

With 250,000 troops and 900,000 reservists, Kiev now wields Europe's third largest army, behind Russia and France. Last week, the Ukrainian government ordered all women to register their profession to make them eligible for military service, a move that will sharply increase the number of available Ukrainian troops.

In addition to Turkey, other Nato states appear to have taken Ukraine’s side. After strongly supporting the construction of the Nord Stream 2 pipeline, meant to carry Russian gas under the Baltic Sea to western Europe, Germany now says the pipeline still needs to pass muster with EU regulatory authorities and vowed that it would be kept closed if Russian forces enter Ukraine.

This month US officials included another $300 million for Ukraine’s military in their annual defence bill and Washington sent military experts to Ukraine to assess the country’s air and sea defences. In addition, the US and UK have dispatched cybersecurity experts to Ukraine to help Kiev defend against a recent increase in cyberattacks that aim to take down the banking system, government institutions and the electricity grid.

Washington is now mulling a larger cyber-warfare deployment, and US and UK officials have repeatedly warned Russia of harsh economic sanctions should its forces enter Ukraine. What they might also want to do is lean more on Turkey, which has strong military links to Kiev as well as the potential to influence the thinking in Moscow.

The situation grows tenser by the day. Outside Kiev, villagers have begun to organise volunteer militias, gathering weapons and readying for a fight. Some Ukrainian friends have a packed bag at the ready in case they need to quickly flee the country. Others have memorised the location of Soviet-era bunkers — including a few that double as smart cocktail bars — in the event of an air raid. But most have endeavoured to go about their normal lives, despite several recent days of wind, snow, and below-zero cold, not to mention the Omicron variant wreaking havoc across Western Europe.

At a holiday gathering this past weekend, shortly after dinner, the lights dimmed, the musical selections became increasingly lively, and attendees aged 7 to 70 took to the dance floor, gesturing, gyrating and celebrating their freedoms as dark clouds gathered over 2022.

Company%20profile
%3Cp%3ECompany%20name%3A%20Shipsy%3Cbr%3EYear%20of%20inception%3A%202015%3Cbr%3EFounders%3A%20Soham%20Chokshi%2C%20Dhruv%20Agrawal%2C%20Harsh%20Kumar%20and%20Himanshu%20Gupta%3Cbr%3EBased%3A%20India%2C%20UAE%20and%20Indonesia%3Cbr%3ESector%3A%20logistics%3Cbr%3ESize%3A%20more%20than%20350%20employees%3Cbr%3EFunding%20received%20so%20far%3A%20%2431%20million%20in%20series%20A%20and%20B%20rounds%3Cbr%3EInvestors%3A%20Info%20Edge%2C%20Sequoia%20Capital%E2%80%99s%20Surge%2C%20A91%20Partners%20and%20Z3%20Partners%3C%2Fp%3E%0A
Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
MEDIEVIL%20(1998)
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20SCE%20Studio%20Cambridge%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%2C%20PlayStation%204%20and%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

UAE v Ireland

1st ODI, UAE win by 6 wickets

2nd ODI, January 12

3rd ODI, January 14

4th ODI, January 16

'Brazen'

Director: Monika Mitchell

Starring: Alyssa Milano, Sam Page, Colleen Wheeler

Rating: 3/5

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

if you go

The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to ­Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/

The specs: 2019 Jeep Wrangler

Price, base: Dh132,000

Engine: 3.6-litre V6

Gearbox: Eight-speed automatic

Power: 285hp @ 6,400rpm

Torque: 347Nm @ 4,100rpm

Fuel economy, combined: 9.6L to 10.3L / 100km

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Ferrari
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Michael%20Mann%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Adam%20Driver%2C%20Penelope%20Cruz%2C%20Shailene%20Woodley%2C%20Patrick%20Dempsey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Bib%20Gourmand%20restaurants
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Updated: December 28, 2021, 11:31 PM